published Sat, February 18, 2012
Petrobras clarifies 4Q11 results
Regarding the 2012 output, the Company clarifies that the production target for the year has not been announced. The information was referring to the “average contribution”, in the 2012 curve, of the platforms that started producing in 2010/11 and those that are scheduled to start producing in 2012.
The estimated average output of these platforms in 2012 is
336,000 barrels per day (bpd), which represents an increase of
211,000 as compared with their output in 2011.
The average contribution of these units is not comparable with
the information announced during the presentation of the third
quarter results for 2011 (3Q11), when the maximum capacity of the
production units scheduled to start up in 2012 was informed.
Regarding the long-term oil price forecast (after 2015), it was
revised down from US$ 80/barrel to US$ 75/barrel, as informed
during the teleconference. Revisions are made from time to time and
may impact assets value assessment and, as a result, change the
cash flow generation forecast.
The Company reaffirms its oil products pricing policy, designed
to make gasoline and diesel prices consistent with long-term
international prices trends, without transferring volatility to the
domestic market.
Concerning the divestment policy, the 2011-2015 Business Plan
includes a divestment amounting to US$ 13.6 billion to finance the
planned investments. The Company is currently assessing different
assets to be considered for this program, including Exploration
& Production opportunities in Brazil and abroad and refining
opportunities abroad.
Concerning the 2011 financial statements, released on February
9, 2012, data adjustments need to be made to the explanatory note
number 25, regarding the expenses by nature and statement of added
value, in view that part of the expenses allocated in the services
item should have been in the acquired raw materials/products item.
After the correction, the Company resubmitted the financial
statements on February 14, 2012.
This did not change the total amounts presented in the
explanatory note number 25 or in the income statement, the
statement of financial position, cash flow statements and other
explanatory notes.
Lastly, the Company confirms that the first stage of refining
units at Comperj is scheduled to begin production in September
2014. The new date stems from the fact that more time is needed to
determine the utilities contracting model. The first refining stage
at Refinaria do Nordeste (RNEST) is slated to begin production in
June 2013 and the second stage is slated for January 2014.
Date: 18/02/2012